Miami Industrial Real Estate Market Report Midyear 2014

It is Midyear 2014 and the Miami industrial real estate market remains strong. Even as new warehouse space is being delivered the vacancy rate decreased to 5.6% and absorption was a positive 1.2M sq. ft. for the 2nd quarter of this year. Landlords continue to push rent growth while prospective tenants are rushed to make decisions more quickly as activity increases.“Time kills all deals” as we often say in the real estate profession.

New developments are being encouraged in our market. CNL is developing Carrie Meek International Business Park adjacent to Opa Locka Airport. The project will total 1.7M sq. ft. on 122 acres. In addition, Bridge Point will be constructing Crossroads which will measure about 500,000 sq. ft in northwest Miami-Dade County.

As you may know, the ComReal Miami Industrial Team’s specialty is refrigerated warehouse buildings. We have recently leased two significant refrigerated warehouses here in sunny South Florida. The first was a 64,000 sq. ft. cooler warehouse formerly occupied by Florida Beauty Flora, but has now been leased by Miami-Dade County for their food distribution. Read the details at Miami-Dade County Leases Cooler Warehouse in Doral. >>>

From South Broward to Miami-Dade there have been three new, deals involving warehouses with significant amounts of refrigeration. The ComReal team was involved in all three of these transactions. There are only six refrigerated warehouses left available right now in Miami-Dade County. ComReal has recently prepared a report summarizing these properties as well as the overall market. Please contact us anytime to receive a copy of this report. Thank you very much.

Featured Property: Flagler Station Warehouse Space for Sub-Lease.

Click Image for Aerial Drone Video

Have you seen the new aerial drone videos? This is the latest in state of the art, commercial real estate technology. Checkout the aerial exterior and interior video tour for our warehouse space in Flagler Station in Medley.

Miami Warehouses Leased in 2nd Quarter 2014 (partial list):

Tenant Name

Size SF

Property Address

Amazon

335,841

1900 NW 132 Place

Permasteelisa

80,000

725 SE 9 Court

Alsina Forms

69,747

725 SE 9 Court

TVH Parts

67,997

10800 NW 106 Street

Extreme Aviation

60,000

2930 NW 75 Avenue

Neutralogistics

50,363

8578 NW 23 Street

Bruna Group

48,000

2800 NW 105 Avenue

Emo Trans

46,411

10800 NW 106 Street

Planet Air

40,000

1900 NW 92 Avenue

Dupuy

35,000

725 SE 9 Court

CJ GLS

30,000

6000 NW 97 Avenue

Miami Warehouses Sold in 2nd Quarter 2014 (partial list):

Buyer

Size SF

Property Address

Sale Price

$ PSF

Mar-Jam Supply

271,262

18000 State Road 9

$13,250,000

$48

PS Business Parks

148,618

2323 NW 82 Avenue

$12,730,000

$85

DIS Investments LLC

78,239

5600 NW 32 Avenue

$3,800,000

$49

Prologis

77,000

7007 NW 30 Street

$4,733,000

$62

Clarion aka LIT Industrial

48,697

2800 NW 105 Avenue

$4,600,000

$94

A Customs Brokers

47,500

1900 NW 97 Avenue

$3,900,000

$82

Industrial Property Trust

41,000

11200 NW 138 Street

$4,100,000

$100

Doral Securities

29,392

11450 NW 34 Street

$2,900,000

$98

The ComReal Companies 35th Year Anniversary!

The ComReal Companies celebrated their 35th year anniversary on May 30th, 2014. ComReal’ers past and present affectionately refer to this day as “Red Day”. We look forward to another 35 years moving forward! Be sure to visit and bookmark ComReal’s new landing page at www.ComRealSouthFlorida.com.

Service Provider of the Quarter: Ameriworld Enterprises

Looking to warehouse your products in Miami? How about a trusted group to handle the logistics as well? If so, then we’d like to introduce you to our friends at Ameriworld Enterprises. After meeting with them and touring their warehouse, you will feel as though you are part of a neighborhood community where everyone is there to help assist you and your business to grow.